OrthoSensor, the fast growing Broward-based company that develops and commercializes intelligent orthopedics, has closed on $13 million in additional financing, bringing the company's total Series B round to more than $48 million, the company announced.
Leading the round was Dignity Health, the fifth largest hospital provider in the United States, along with Ziegler Meditech Equity Partners LP, and undisclosed strategic and angel investors. "This additional investment and continued confidence from our investors provides increased resources to maintain the rapid growth of our Verasense product line, as well as fund additional R&D, marketing and sales initiatives," said Jay Pierce, president and CEO of OrthoSensor, in a press release.
The Verasense Knee System, approved by the FDA in 2011, is a single-use device used in total knee replacement procedures to provide surgeons with real-time, quantifiable data on implant placement, soft tissue balance and limb alignment, the company said. Verasense, costing under $500, uses embedded sensors and wireless communication technology to provide data that enables surgeons to make informed adjustments to optimize implant placement, reducing the incidence of revision surgeries. Earlier this month, OrthoSensor announced plans to launch the device in European markets after recently receiving CE Mark approval.
With baby boomers – and their joints – aging, researchers have estimated that the yearly demand for total knee replacements could be as high as 3.48 million procedures by 2030.
In the Pipeline: OrthoSensor is advancing work on tiny units that electronically transmit data to physicians and nurses on internal temperature, blood acidity levels and other indicators that can be used to detect infections following orthopedic surgeries, as well as implants that send out sound waves to assess bone density, Pierce told The Herald earlier this year.
OrthoSensor, founded in 2008, has 47 employees and is advertising 10 openings. Formerly based in Sunrise, it is in the process of moving into new offices in the Design Centers of The Americas (DCOTA) building in Dania Beach. The company has raised $54 million in total venture funding.